I_PensionRevewSubComm_2021A 02/26/2021 01:36:47 PM Committee Summary PUBLICSTAFF SUMMARY OF MEETINGINTERIM COMMITTEE PENSION REVIEW SUBCOMMITTEE Date 02/26/2021 Attendance Gary Arnold * Michael Johnson E Jim Mantele X Carole Partin * Priola X Trey Rogers * Patrick Roybal * Joshua Sharf E Lang Sias X Amy Slothower * Ben Valore-Caplan * Van Winkle X Danielson E Bird X Time 01:36:47 PM to 03:30:01 PM Place Old State Library This Meeting was called to order by Bird This Report was prepared by Anne Wallace Hearing Items Action Taken hOpening Comments from Legislative Council Staff Committee Discussion Only hDiscussion of Proposals for Review of PERA Committee Discussion Only Opening Comments from Legislative Council Staff - Committee Discussion Only 01:39:03 PM Natalie Mullis, Director, Legislative Council Staff, discussed the request for proposal (RFP) process and explained that staff received proposals from three firms to conduct an evalution of PERA's assumptions. She responded to questions from the committee. Discussion of Proposals for Review of PERA - Committee Discussion Only 01:45:43 PM Committee members discussed the RFP and the proposals received. Ms. Mullis and the committee discussed the relationship between the three firms and PERA. The committee discussed possible contract terms with the selected bidder. 02:08:38 PM The committee recessed. The committee came back to order. 02:16:38 PM The committee discussed revising the RFP. Ms. Mullis commented on the process to revise and release the RFP. The committee discussed a motion to amend the RFP. 02:16:39 PM Mr. Sias made a motion to revise the RFP to add language stipulating that the selected bidder will not bid on contracts with PERA for three years following selection, upon the approval of legal council. Mr. Mantele seconded the motion. The motion passed by a vote of 6 to 5, with 3 excused. The following members voted "yes": Arnold, Van Winkle, Mantele, Sias, Slothower, and Valore-Caplan. The following members voted "no": Priola, Partin, Rogers, Roybal, and Bird. 02:23:15 PM The committee discussed involvement in the planning meeting with the selected bidder. The committee discussed the three proposals. 02:45:58 PM Nicole Myers, Office of Legislative Legal Services, commented on the contract with the selected bidder. Ms. Mullis commented. The committee discussed an additional meeting with the three firms. 02:49:20 PM The committee dicussed the timeline for the review. Ms. Myers continued to respond to committee questions. 03:00:10 PM The committee continued to discuss the merits of the three proposals. 03:20:11 PM Representative Van Winkle made a motion to select GRS as the first choice to review the assumptions used to model the financial situation of PERA. Senator Priola seconded the motion. The motion passed on a vote of 6 to 5, with 3 excused. The following members voted "yes": Priola, Van Winkle, Partin, Rogers, Roybal, and Valore-Caplan. The following members voted "no": Arnold, Mantele, Sias, Slothower, and Bird. 03:20:12 PM Representative Van Winkle made a motion to select the Terry Group as the second choice to review the assumptions used to model the financial situation of PERA. Mr. Sias seconded the motion. The motion passed on a vote of 7 to 4, with 3 excused. The following members voted "yes": Priola, Van Winkle, Partin, Roybal, Sias, Slothower, and Valore-Caplan. The following members voted "no": Arnold, Mantele, Rogers, and Bird. 03:29:12 PM The committee continued discussion of the RFP and contract. Representative Van Winkle made a motion to reconsider Mr. Sias' first motion to amend the RFP. Mr. Arnold seconded the motion. The motion passed on a vote of 10 to 1, with 3 excused. The following members voted "yes": Arnold, Priola, Van Winkle, Mantele, Rogers, Roybal, Sias, Slothower, Valore-Caplan, and Bird. The following member voted "no": Partin. 03:29:13 PM Representative Bird concluded the meeting. 03:30:01 PM The committee adjourned.
